Balfour Beatty to Deliver both New and Renovated Student Housing at
Tarleton State University

Second phase of comprehensive Public-Private Partnership will
include acquisition of campus-adjacent land and construction of a new
500-bed facility as well as renovation of an existing 80-bed facility

July 14, 2014 02:15 PM Eastern Daylight Time

DALLAS--(BUSINESS WIRE)--Balfour Beatty, an infrastructure group operating in construction
services, infrastructure investments, and professional and support
services, announced it has reached financial close for a second phase of
development on a comprehensive student housing project at Tarleton State
University, a member of The Texas A&M University System. In this $38M
phase of the partnership Balfour Beatty will construct a new 502-bed
student housing facility and renovate an existing 80-bed facility for
the University’s Stephenville, Texas campus. The company also helped the
University acquire two parcels of land adjacent to the campus where the
new construction will be sited.

Balfour
Beatty Campus Solutions, a developer and operator of infrastructure
projects for the college and university market, will again serve as the
lead developer on the project, which is scheduled to break ground later
this month and open in August 2015, and Balfour
Beatty Construction, based in Dallas, Texas, will again perform as
the construction partner on the project.

“I have been very impressed with BB’s handling of our fast track
projects. Our housing program is somewhat complex given the limited site
options, financing through a third party, the purchase of land, and
meeting additional requirements of the A&M System. They have handled and
continue to handle all challenges extremely well,” stated Tye Minckler,
vice president for Finance and Administration for Tarleton State
University.

“We are very pleased to continue our relationship with Tarleton State
University and help them further develop their campus infrastructure to
meet the needs of their expanding student body,” said Bob Shepko,
president of Balfour Beatty Campus Solutions. “The first phase of our
student housing project at the University has progressed remarkably well
and I’m certain the new facility will be well-received by the students
set to move in this August. Our team is looking forward to getting
started on this second phase and delivering an equally impressive
result.”

The new housing facility, designed by BOKA
Powell Architects, will consist of a single four story structure
with both four and two-bedroom units in a modified suite configuration
that will include private bedroom accommodations, semi-private baths, a
living room and kitchenette. In addition to the construction of the new
facility, Balfour Beatty will also renovate an existing off-campus
student housing facility known as University Village, which was acquired
as part of the transaction. Renovations to the 80-bed facility will
include minor upgrades to allow for ADA compliance. Upon completion, the
University will operate and maintain both facilities including
management of all associated resident life activities.

Both phases of the student accommodation project with Tarleton State
University are being financed through a Public-Private Partnership model
using an issuance of tax-exempt bonds underwritten by RBC
Capital Markets. The project will be owned by an affiliate of
Collegiate Housing Foundation, a national 501(c)(3), under a 32-year
ground lease with the University.

About Balfour Beatty Campus Solutions

Balfour
Beatty Campus Solutions, LLC provides development, asset/property
management, and other real estate services to colleges, universities,
and their affiliated entities with a special focus on projects utilizing
a Public-Private Partnership model. The company offers an alternative
solution for higher education institutions to finance and execute their
necessary capital plans, including academic facilities for faculty,
classrooms and labs, athletic spaces, wellness centers and student
housing.

Balfour Beatty Campus Solutions is part of Balfour
Beatty Investments, Inc. a global company focused on financing and
operating the vital assets that enable societies and economies to grow:
roads and railways, tunnels and bridges, health and education
facilities, power and water systems, places to live and places to
work—the infrastructure that underpins progress. Balfour Beatty
Investments is a division of Balfour
Beatty plc, an international infrastructure group operating in
construction services, professional services, support services and
infrastructure investments.

About Balfour Beatty Construction

An industry leader for more than 80 years, Balfour Beatty Construction
Services US provides general contracting, at-risk construction
management, and design-build services for a wide variety of markets,
serving clients in both the public and private sector. With more than
3,000 employees across the U.S., the company has been cited as a Top 10
Domestic Building Contractor and Top 10 Green Builder by Engineering
News-Record. The company is part of London-based Balfour Beatty plc,
a global infrastructure services business operating in more than 80
countries, with a worldwide commitment to providing assets that help
societies function, develop, and thrive. To learn more about the
company, visit www.balfourbeattyus.com
or look for BalfourBeattyUS on Facebook,
Twitter,
and LinkedIn.

About Tarleton State University

Tarleton State University, a member of The Texas A&M University System,
provides a student-focused, value-driven educational experience marked
by academic innovation and exemplary service and dedicated to
transforming students into tomorrow’s professional leaders. With
campuses in Stephenville, Fort Worth, Waco, Midlothian and online,
Tarleton engages with its communities to provide real-world learning
experiences and to engage societal needs while maintaining its core
values of integrity, leadership, tradition, civility, excellence and
service.